logo
Share SHARE
FONT-SIZE Plus   Neg

American Financial Reveals Favorable Court Ruling In Tax Case With IRS

Insurer American Financial Group Inc. (AFG) Friday revealed a favorable court verdict regarding a tax case with the IRS.

The company has been involved in litigation with the IRS regarding the calculation of tax reserves for certain annuity reserves pursuant to Actuarial Guideline 33.

In an unanimous decision today, the the Sixth Circuit Court of Appeals in Cincinnati affirmed the Summary Judgment of the District Court in favor of American Financial.

As a result, unless the IRS determines to seek a discretionary appeal of this decision within 90 days, the decision will become final, and the company said it will record non-core after tax earnings of about $27 million, or $.28 per share.

The company continues to hold discussions with the IRS involving subsequent tax years.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
TerraForm Global, Inc., an operator of clean energy power plants, said Monday that it has signed an exclusivity agreement with Brookfield Asset Management Inc. to negotiate a potential business combination between them. Shares of TerraForm Global are gaining more than 6 percent in pre-market activity following the announcement. Fast food giant McDonald's Corp. (MCD) on Monday reported a 1 percent decline in profit for the fourth quarter from last year on lower revenues due to the impact of refranchising. However, both revenue and earnings per share beat analysts' expectations. The Oak Brook, Illinois-based hamburger chain... U.S. authorities are investigating Yahoo Inc. for not disclosing the two massive data breaches sooner to investors, the Wall Street Journal reported, citing people familiar with the matter. It is expected that such a move could help clarify the timeline for companies to reveal such hacks.
comments powered by Disqus
Follow RTT